Ferrero acquires Kellogg for $3.1 billion, expanding into North American cereal markets.

Italian confectionery company Ferrero is set to acquire U.S. cereal giant WK Kellogg for $3.1 billion. The deal includes six Kellogg manufacturing plants and marketing rights for its popular cereals across the U.S., Canada, and the Caribbean. Founded in 1906, Kellogg is known for brands like Corn Flakes and Froot Loops. The acquisition is part of Ferrero's strategy to expand in North America and is subject to shareholder and regulatory approvals, expected to close by year-end.